Financial Services Innovation: Is Something Essentially Missing?

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The financial service industry faces serious challenges as the economic crisis continues to unfold. The crisis is based on continuous imbalances, including rapidly rising asset prices, long periods of low interest rates, and savings imbalances and massive credit. The 2014 and 2015 Reports from the World Economic Forum predicted these changes as unremitting menace to the market.

The Challenging part!

As all financial services companies know, The challenge, is not sprinkling a bit of magic dust here or injecting a bit of innovation here. Everyone fights back with embedding modernization into complex multichannel environments, competing executive priorities, constrained by organisational silos and balanced against a ‘must do’ dogmatic programme portfolio. Barry Bulakites is a leader in the economics industry. He has assisted many people plan for retirement and retirement possessions.

Providing a constantly good customer experience across multiple consumer channels is hard now. In the future, it will can only actually become harder!  The life of capital financial leaders has become a lot easier with the advent of Internet. Now with the help of the various trading tools and sophisticated software available through Internet, financial trading has become manifold efficient and faster and Internet has also made trading in stocks enormously popular among men of all professions. Financial trading is not at all laid-backtask and all the more challenging for the beginners. In trading, there is huge amount of risk involved. The formalities and legalities related with financial trading is also a big annoyance for the newcomers. Furthermore, there is also a lot of scheming involved while paying off the taxes, brokerage commissions and other fees for the several formalities. While calculating profits from stock transactions, one needs to keep in mind a lot of factors.

While staking their investment, financial leaders must remember some basic principles. They should do the market survey and needed research before investing into a share. They should always trade with an open and calm mind without being driven by the two big emotional forces of fear and greed. Financial leaders are advised not to go into the complexities of margin trading and not to overtrade. As a trader you should also know to exercise the booking profits and stop loss concepts. Experienced financial leaders also absorb from their errors and abstain from committing the same mistakes in succeeding deals. Even after completing the toughest task of choosing the best deals available in the market, they generally maintain a diverse portfolio and track their portfolio continuously. Financial services firms will have to be better at carrying out innovation, but also at performing all the interior processes (e.g. receiving and making payments). Innovation won’t build sustainable advantage. Throughout his career, Barry Bulakites  has worked to present customers with financial solutions to protect and secure their retirement investments.

Looking across the industry, all financial services companies need to get better at managing customer expectations, communicating, and being more open. This is maybe the hardest nut of all to crack, but crucial if sustainable competitive advantage is to be achieved.

Customers want to love the brands they eat, shop, journey and bank with! Innovation in financial services is not enough. Financial services organisations must lead the customer transparency and trust agenda to truly build sustainable advantage.

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